There is a widely-held belief in the property market that Melbourne’s inner-city apartments are poor investment prospects as they are difficult to rent. According to the team at Barry Plant Docklands, nothing could be further from the truth – and they have the stats to prove it. At a recent Owner / Investor Information Session hosted by News Corp, 160 attendees vied for a door prize by trying to guess the vacancy rate for inner Melbourne rental properties. Most guessed somewhere between 35–45%. The actual figure is 2.5%, which is in line with the REIV’s vacancy rates across the board. The rate for Barry Plant Docklands, one of the area’s leading real estate agencies, is lower still. “There is a perception in the market that properties in Docklands and the inner city don’t rent,” says Steven Heaven, Associate Director of Barry Plant Docklands. “It simply isn’t true. In the past three months, vacancy rates within our property portfolio have been less than 1%, showing just how strong the area actually is. We only have one vacant rental property at the moment. Many properties that become available for rent are leased prior to the current occupant leaving, resulting in a very short period of time where the apartments are actually empty.” Some media have helped drive this misconception, publishing reports that are based on unsubstantiated data such as water meter readings. Steven explains that many apartments have two water meters – one for the apartment, and another located in the carpark. Because water is rarely used in the carparks, those meters show zero usage, which is assumed by some to mean the apartments are not occupied. Along with such reports is shown footage of empty streets and darkened windows, alluding to empty apartments. According to Sales Manager, Lyle Dean, there is a logical reason why the buildings are dark. “People who live in inner Melbourne are often employed in the corporate sector, and work late,” Lyle says. “In the evenings, they don’t stay home. They have busy lifestyles, enjoying all that the city has to offer. They go out for dinner, they play sport or attend sporting events – they’re out doing things, which means they’re not at home when the photos are being taken. If the streets are empty, it’s because residents make use of the undercover parking in their apartment buildings, and they usually take public transport when going out.” Steven Heaven also points out that the photos are often taken of the side of the building that is opposite to where the living rooms are located, where you wouldn’t expect lights to be turned on in the evening. Docklands has come into its own as a waterfront precinct, offering a mix of inner city living, shopping, restaurants, business, parks, entertainment, sporting events, arts and culture. The City of Melbourne provides a plethora of free community events, most of which are within walking distance or an easy commute on public transport. Docklands is part of Melbourne’s Free Tram Zone and is well connected to the rest of the main transport networks, including the free City Circle tram. It is renowned as the home of Etihad Stadium, and also hosts the headquarters of a number of major businesses including the National Australia Bank, Myer, AXA, and the Bureau of Meteorology to name a few. Millions have been invested in the new library, and plans are in place for improved infrastructure. “Six years ago the area was attracting mostly investors,” Lyle says. “Now it is shifting towards owner occupiers, which underlines just how popular the area has become. The perception that inner-city property is a bad investment is completely unfounded. There has never been a better time to invest in this area.”